If you are struggling to avoid foreclosure, then the U.S. Department of the Treasury, along with the National Association of REALTORS®, has good news for you.

At the recent Making Home Affordable outreach event held in Chicago, Illinois, industry leaders discussed the state of today’s market. These community events are just part of the NAR’s actions in helping homeowners deal with today’s difficult economy and housing market.

Real estate professionals and lenders discussed at the Chicago event how homeowners can reach out for help as well as what to expect during a short sale. Events have also been held in Atlanta, New Orleans, and Indianapolis.

If you’re a victim of banking abuses during the foreclosure crisis, the government says it will make sure you receive compensation from your bank. It’s a simple idea. But for victims, determining who’s eligible, how to apply, and when you might get a check in the mail isn’t simple at all.

There are two separate government efforts: the National Mortgage Settlement and the Independent Foreclosure Review.

While both share the goal of providing some compensation to homeowners who were harmed by their banks’ abuses or errors, the two have very different approaches.

Interest in purchasing a foreclosed property has more than doubled in the past 2 1/2 years even as the U.S. available inventory shrinks, according to a Realtor.com survey released Wednesday.

The share of buyers who say they’re likely to purchase a foreclosed home jumped to almost 65 percent from 25 percent in October 2009, according to the telephone poll by Realtor.com, the National Association of Realtors’ website.

U.S. foreclosure filings fell to a five-year low last month as lenders sought to avoid repossessing properties and a housing recovery showed signs of taking hold.

Are you thinking of buying a home? Now is a great time with this market and interest rates so low! Check out our Homeownership Simplified section a for information & tips on buying a house in Washington State as well as our handy calculators to figure out potential mortgages, closing costs, and more!

Unable to qualify for modifications on Bank of America mortgages, a few of California’s most distressed homeowners are being offered one last chance to stay in their homes: Become renters instead.

Testing a mortgage-to-lease program in the Golden State, Bank of America sent 300 letters last week inviting borrowers without other options to apply. An additional 1,500 letters will go out in the next few weeks as the bank, which also is testing the program in Arizona, Nevada and New York, evaluates whether a national rollout is feasible.

Got that sinking feeling? Amid signs that the U.S. housing market is finally rising from a long slumber, real estate Web site Zillow reports that homeowners are still under water.

Nearly 16 million homeowners owed more on their mortgages than their home was worth in the first quarter, or nearly one-third of U.S. homeowners with mortgages. That’s a $1.2 trillion hole in the collective home equity of American households.

Despite the temptation to just walk away and mail back the keys, nine of 10 underwater borrowers are making their mortgage and home loan payments on time. Only 10 percent are more than 90 days delinquent.